Mumbai, July 5 (PTI) Tuhin Kanta Pandey, president of Capital Markets Regulator SEBI, made it clear on Saturday that manipulation is not being tolerated in the market.
Speaking with reporters a day after an interim order against New York -based hedge fund manager Jane Street, Pandey said that monitoring at regulatory and exchange levels has also increased.
Asked whether similar patterns have been seen with other foreign portfolio investors, Pandey said, “What I can say is that manipulation in the market cannot be tolerated”.
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SEBI on Friday stopped the US-based Gen Street Group from securities markets and directed the group to decompose an illegal profit of Rs 4,843 crore for allegedly manipulating stock indices through posts taken in the derivative segment.
This can be the highest hatred amount directed by the Securities and Exchange Board of India (SEBI).
In its interim order, the regulator has collectively referred to the JSI Investments, JSI 2 Investments Private Limited, Jane Street Singapore PTE Limited and Jane Street Asia Trading – Gen Street Group collectively – from their trading to trading – while continuing their investigation.
Addressing a program organized by the Bombay Chartered Accountants Society here, the SEBI chief made it clear that transparency in disclosing the concerned party transactions, managing the conflict of interest and presenting timely material development is “non-pervantic responsibilities” for CAS.
“You have an important responsibility to ensure that the corporate administration is not low in a checklist,” he advised CA.
He spoke in favor of not much compliance.
He said, “We also keep in mind that too much information, too much compliance adds a large compliance burden that cannot actually serve the interest that we really intend to serve,” he said.
He said, “We would also like to see that we have less compliance, low information, less important responsibility and better results from the regulator with less micromanagem,” he said that all the suggestions will be welcomed. Pti aa mr mr
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